GVC S.A. has reached an agreement with Kuraray Co., Ltd. ("Kuraray") to buy the European PVB film business formerly owned by European subsidiaries of E.I. du Pont de Nemours and Company ("DuPont") including the production facility in Uentrop, Germany, the R&D center in Mechelen, Belgium, licenses to IP and know-how used in the Business and a long term supply agreement for PVB resin (the "Business") (collectively referred to as the "Transaction").
Commenting on the planned acquisition, "We are excited to invest into the dynamic glass laminate industry," said H. Aaron Parekh. "We plan to support the entrepreneurial management team, invest into R&D and production infrastructure and ensure customers receive the highest quality products and service."
The Transaction was undertaken to comply with the European Commission's conditional approval of the acquisition of the Glass Laminating Solutions / Vinyls Business ("GLSV") from DuPont by Kuraray. The Transaction is anticipated to close in January 2015, after customary regulatory approvals.